Electric Vehicle Savings Calculator

Compare the total cost of ownership between electric vehicles and gas-powered vehicles. This calculator helps you determine your potential savings by analyzing fuel costs, maintenance expenses, purchase prices, and available tax credits. Make an informed decision about switching to an EV with comprehensive cost analysis over 5, 10, and 15 years.

How many miles do you drive per year?

Miles per gallon of your current or comparable gas vehicle

Current price of gasoline per gallon

Typical EV uses 25-35 kWh per 100 miles

Cost per kilowatt-hour for home charging

Price of the electric vehicle

Price of comparable gas vehicle

Yearly maintenance costs for gas vehicle

Yearly maintenance costs for EV (typically lower)

Federal tax credit for EV purchase (if eligible)

EV Savings Formulas: Annual Gas Cost = (Annual Miles / MPG) × Gas Price Annual Electricity Cost = (Annual Miles / 100) × EV Efficiency × Electricity Rate Annual Fuel Savings = Annual Gas Cost - Annual Electricity Cost Annual Maintenance Savings = Gas Maintenance - EV Maintenance Total Annual Savings = Fuel Savings + Maintenance Savings Effective EV Price = EV Price - Tax Credit Price Difference = Effective EV Price - Gas Vehicle Price Break-Even Years = Price Difference / Total Annual Savings Lifetime Savings = (Total Annual Savings × Years) - Price Difference
Example Calculation: Annual Miles = 12,000 Gas Vehicle MPG = 28 Gas Price = $3.50/gallon EV Efficiency = 30 kWh/100 miles Electricity Rate = $0.13/kWh Annual Gas Cost = (12,000 / 28) × 3.50 = $1,500 Annual Electricity Cost = (12,000 / 100) × 30 × 0.13 = $468 Annual Fuel Savings = $1,500 - $468 = $1,032 With maintenance savings of $800/year: Total Annual Savings = $1,832 EV Price: $45,000 Gas Price: $35,000 Tax Credit: $7,500 Price Difference = ($45,000 - $7,500) - $35,000 = $2,500 Break-Even = $2,500 / $1,832 = 1.4 years 10-Year Savings = ($1,832 × 10) - $2,500 = $15,820

How much can I really save with an electric vehicle?

Savings vary based on your driving habits, local electricity rates, and gas prices, but most EV owners save between $800-$1,500 per year on fuel costs alone. When you factor in lower maintenance costs (no oil changes, fewer brake replacements), total annual savings can exceed $2,000. Over 10 years, this can amount to $20,000 or more in savings.

Are electric vehicles cheaper to maintain?

Yes, EVs are significantly cheaper to maintain. They have fewer moving parts, no oil changes, no transmission fluid, no spark plugs, and regenerative braking reduces brake wear. Average annual maintenance for an EV is around $400-$600 compared to $1,200-$1,500 for gas vehicles. Over the vehicle's lifetime, this can save thousands of dollars.

What about the higher purchase price of EVs?

While EVs often have a higher upfront cost, federal tax credits (up to $7,500) and state incentives can reduce this significantly. Combined with fuel and maintenance savings, many EV owners break even within 3-6 years. Additionally, EV prices are decreasing as technology improves and production scales up.

How much does it cost to charge an electric vehicle at home?

The national average electricity rate is about $0.13 per kWh. Most EVs use 25-35 kWh per 100 miles, costing approximately $3-$4.50 to drive 100 miles. By comparison, a gas vehicle averaging 28 MPG would cost around $12.50 for the same distance at $3.50 per gallon. Charging overnight during off-peak hours can reduce costs even further.

Do I need to account for battery replacement costs?

Modern EV batteries are designed to last 10-20 years or 100,000-200,000 miles, often matching or exceeding the vehicle's lifespan. Most manufacturers offer 8-10 year warranties on batteries. Battery costs are also decreasing rapidly. For most owners, battery replacement is not a concern during their ownership period, similar to how most people don't replace engines in gas vehicles.

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